Highlights of Oriental Professional Indemnity Insurance

Here are a few highlights of this insurance policy:

• It covers liabilities arising from errors and omissions during professional services.
• The continuous renewal of the policy provides the benefit of a Retroactive period.
• Claims reported during subsequent renewals but about an earlier period become payable.
• Group policies can be issued to cover members of one profession.
• Group discounts on premiums are available based on the number of members included in the policy.
• This policy provides professionals with financial protection against unexpected liabilities and enables them to practice their work with peace of mind.

Oriental Professional Indemnity Insurance: Inclusions

The policy provides coverage for the following perils:

• The policy protects professionals from legal liabilities that may arise from errors or omissions during professional services
• The policy covers the costs of damages that the insured professional is legally obligated to pay to a third party
• The policy also covers legal costs and expenses incurred in defense of the case, subject to the overall limit of indemnity selected and with the insurance company's consent
• The policy only covers civil liability claims, not a criminal liability or any violation of the law or ordinance
• This policy provides professionals with protection against unforeseen legal liabilities and allows them to work with peace of mind.

Oriental Professional Indemnity Insurance: Exclusions

The policy does not provide coverage for the following perils:

• Contractual liability
• Intentional non-compliance with statutory provisions
• Loss of goodwill
• Slander, Libel
• Fines
• Penalties
• False arrest
• Defamation
• Mental injury

Oriental Professional Indemnity Insurance: Claim Process

If you need to make a claim on professional indemnity insurance, follow these steps:

• Firstly, inform the insurance company of the incident.
• Fill out and sign the claim form and get it stamped by the insurer.
• The insurance company will send a surveyor to examine the situation that led to the claim.
• Cooperate with the surveyor and provide any information they require, including what caused the incident.
• If you receive any legal or formal letters, share them with the surveyor.
• If any legal proceedings have been initiated as a result of the incident, inform the surveyor.
• Provide an estimated loss amount to the insurer.
• If the loss is covered by the insurance policy, the insurer will settle the claim within the specified time frame.

Oriental Professional Indemnity Insurance: FAQs